Author Topic: Exxon, Chevron plan to dominate Permian, grow as others cut back  (Read 911 times)

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Offline thackney

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Exxon, Chevron plan to dominate Permian, grow as others cut back
https://www.chron.com/business/energy/article/Exxon-Chevron-plan-to-dominate-Permian-grow-as-13663733.php
March 5, 2019

The nation's two largest oil companies said Tuesday they plan to significantly hike their activity in West Texas' Permian Basin and dominate the region, spending even more money while others cut back.

Both Exxon Mobil and Chevron said they will each churn out close to 1 million barrels of oil equivalent a day just from the Permian by 2024. That's nearly triple Chevron's current output and about quadruple what Exxon Mobil is pumping out. Both already rank near the top of Permian producers.

The two Big Oil giants are advantaged because of their scale with large acreage positions, greater access to pipelines and guaranteed sales to their own refineries along the Texas Gulf Coast.

"We're increasingly confident about our Permian growth strategy due to our unique development plans," said Neil Chapman, Exxon Mobil senior vice president. "We will leverage our large, contiguous acreage position, our improved understanding of the resource and the full range of Exxon Mobil's capabilities in executing major projects."

Exxon said it plans to achieve 1 million barrels a day in the Permian as soon as 2024 - way up from a 2025 projection of 600,000 barrels just a year ago. Chevron said it aims to hit 600,000 barrels daily by the end of 2020 and get to 900,000 barrels by 2023....
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Offline Idiot

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Re: Exxon, Chevron plan to dominate Permian, grow as others cut back
« Reply #1 on: March 05, 2019, 04:23:08 pm »
Exxon, Chevron plan to dominate Permian, grow as others cut back
https://www.chron.com/business/energy/article/Exxon-Chevron-plan-to-dominate-Permian-grow-as-13663733.php
March 5, 2019

The nation's two largest oil companies said Tuesday they plan to significantly hike their activity in West Texas' Permian Basin and dominate the region, spending even more money while others cut back.

Both Exxon Mobil and Chevron said they will each churn out close to 1 million barrels of oil equivalent a day just from the Permian by 2024. That's nearly triple Chevron's current output and about quadruple what Exxon Mobil is pumping out. Both already rank near the top of Permian producers.

The two Big Oil giants are advantaged because of their scale with large acreage positions, greater access to pipelines and guaranteed sales to their own refineries along the Texas Gulf Coast.

"We're increasingly confident about our Permian growth strategy due to our unique development plans," said Neil Chapman, Exxon Mobil senior vice president. "We will leverage our large, contiguous acreage position, our improved understanding of the resource and the full range of Exxon Mobil's capabilities in executing major projects."

Exxon said it plans to achieve 1 million barrels a day in the Permian as soon as 2024 - way up from a 2025 projection of 600,000 barrels just a year ago. Chevron said it aims to hit 600,000 barrels daily by the end of 2020 and get to 900,000 barrels by 2023....
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Offline IsailedawayfromFR

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Re: Exxon, Chevron plan to dominate Permian, grow as others cut back
« Reply #2 on: March 05, 2019, 08:41:58 pm »
Means they are likely cutting back on other competitive international projects, including risky exploratory ventures, leaving more in the hands of NOCs to undertake.
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